We have a 2013 Prius (model 2) which we purchased new. It currently has 36,195 miles and it is in Excellent condition. For reasons that I won't take the time to go into right now, we are thinking about selling/trading it in. I have to be honest...when I looked up the KBB values, I was absolutely SHOCKED! This car is only 2 years old, and it shows a "private party sale" value of only $14,702 and a "trade-in" value of $12,622! Seriously? This car had a sticker price over $24K. Are you telling me that a Toyota has lost 45-50% of its value in 2 years!? Wow. I expected better.
Yup! And good luck getting the actual book "trade in" value out of a dealership! Guaranteed they will offer less and mention auction value, etc..
I feel your pain. I usually drive my car to the ground. Trade-in or private sales blow. When you have MOD on the car. That is another story.
Well there goes everything we "saved" in gas mileage! Heck, we would have made out better driving a big SUV that held it's value better!
I don't remember exactly. I know I didn’t pay full sticker, but it's not like I got several thousand off either. I probably paid around $22K. That's still one heck of a hit on value.
agreed, many people have received up to $4-6,000. off msrp depending on package and location since gas prices came down, and the hits just keep coming. currently, no one wants hybrids, $3. gas is way below the mendoza line.
Did you pay full msrp for your 2013? And to be honest you have a base model with over 36k miles after only 2 years, most 3 yr lease returns have that or less miles. Just an observation and maybe that's part of the lowball quote. This is true! Only a sucker pays msrp, Remember that big suv that's let's say is 55k msrp, but with all the incentives and bonus cash, conquest cash, b.s. Day cash, etc is now all of the sudden 40k well go trade that in after a year and watch them offer you 30k or less.... Of course you'll scream, I "paid" 55k a year ago... Did you really. I def. understand the frustration though as I too used to own a 2013 Liftback, although mine was a three and had like 10k or so miles on it, when I went to trade at just around the year mark (long story, but I should have kept it!) and it was a slap in the face, dealer after dealer till I went back to where I bough it and they hooked up a lease on something different and got me out of it. I mean I took a hit still but it was'nt as bad.
Believe me, I know how the game is played. I have a few things working against me here. Higher than average gas prices still had everyone in shock when we bought the car, so excellent deals on a Prius were not very common at that point. I also know that 36k miles in 2 years isn't helping either. But even with all of that considered, this car has lost value faster than a Y2K insurance policy.
And knowing the crappy resale is one of the reasons we opted to lease as opposed to buy my wife's current car which is a 2014 v three. It was the last brand new 2014 on the lot and after getting all the numbers for own vs lease coupled with plummeting resale I opted for lease with a very fair payment and now don't have to worry my little head over resale because we will just turn it back in when the lease is up. I did check payoff last week when I made my payment and yeah, it reconfirmed to me that it will be getting returned at the end of the lease. Somehow the dealership was able to get my lease payment with almost nothing down a whole heck of a lot lower than a purchase price. It was a no brainier. I did purchase my Persona though and have the 0.9% apr for 60, would have got 0% for 60 if I would have waited one day go figure. Lol.
I typically buy my cars and keep them long enough to make it well worth it. Had I known that we would be considering getting rid of it in only 2 years, I would have leased also!
I've been in your shoes before a few times and it does suck. I traded my 2014 Charger RT (15-17 mpg) when gas prices just started to drop like a rock.... Go figure right, how was I to know, and besides my commute wasn't getting any shorter. Then I buy the Persona, and as stated gas prices dropped like crazy and if I would have waited a day the apr would have been 0%, and seeing some of the prices and current discounts that some guys are getting bring a tear to my eye. Lol. Can't win I swear. Then again I can sleep at night knowing I have a reliable and fuel efficient car now that no matter really how high gas goes I can probably afford to still drive it...
Priuses still hold their resale value better than many other five-door, front drivers. The trouble is.......people are trading out of them too early, and there is a hybrid premium. The depreciation curve flattens out after 4-5 years, that that combined with the Priuses good reliability record are why people like me say that they have a good resale value. You can get similarly equipped Corollas all day long for waaaaay less than 24k, but anybody with a pencil and 6th grade math skills knows that if you keep the car for more than 5-6 years that the Prius will come out ahead, depending on gas prices and a few other things....but you have to wait those 5-6 years! If you think that buying an SUV would have saved you money, then you'd better check depreciation values for the those versus the Prius! Many SUVs would have depreciated just as steeply AND cost you more to drive in fuel, insurance, etc. Make sure whatever is compelling you to trade out the Prius will be worth the 12K hit that you're going to take. Good Luck!
Meant to ask, enlighten us if not too personal about the situation. Do you have another car to get around in or plan or buying a cheaper used one? Enlighten us and we might be able to suggest ideas or help if at all possible.
2012/2013 PiPs with that mileage are going for around $20k at a dealer (non CA). So a 2013 Prius 2 lets say thats $3000 less is maybe $17k at a dealer, certified used?
Well, I'm not sure how to communicate this without sounding like a snob. My wife and I have both advanced in our careers over the past two years, and our son is almost out of college. If we had been in a similar financial situation two years ago, I probably wouldn't have bought the Prius to begin with. There is nothing wrong with it, but I would like something a little more up-scale. I am currently looking at trading it on a 2013 Audi A6 Quattro with 30K miles. The Prius has been paid off for a year, so keeping it "forever" makes the most sense. My wife couldn't care less about cars. This is all me. I have always been a car nut, and probably always will be. Not sure what I want to do now. That hit is a hard pill to swallow.
if you're a snob for wanting an audi or similar, then you have a lot of company. i thought we prius drivers were supposed to be snobs, but maybe it's just smug.
Some states (Ca. in particular) will have higher gaso costs, so hybrids will be more demand. Any chance of selling into a market like that? Overall I am personally thinking gaso prices going way lower, CA not participating. CA approaching 30% of hybrid market, gotta wonder if it hits 40% next year.
I live in PA, so I am a loooong way from CA..lol. It wouldn't be impossible, but probably not worth the extra work involved.
